Diabetic Neuropathy Market Latest Treatment, Upcoming Advancement, Global Size Analysis, Share, Growth Insights to 2026 by Coherent Market Insights
Diabetic Neuropathy is a type of nerve damage that occurs to a diabetic patient and often leads to pain and numbness in feet or lower legs. Other body parts too experience the pain such as wrist, hip, and back, depending upon the impact of neuropathy. There are different kinds of neuropathy such as focal neuropathy, proximal neuropathy, peripheral neuropathy, and autonomic neuropathy. Around 50% of diabetic patients suffer from diabetic neuropathy worldwide. Furthermore, according to the Centers for Disease Control and Prevention (CDC), around 6-7 people per 1000 diabetic population suffer from diabetic neuropathy in the U.S. Growing geriatric population coupled with rise in prevalence of diabetes, is expected to propel growth of the global diabetic neuropathy market.
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New drugs to treat neuropathy pain will alter the current market dynamics
In the recent past the global diabetic neuropathy market has evolved a lot. There are generic drugs and specialty drugs including antidepressants and antispasmodics, as well to treat pain related to this disorder. In 2011, there were around 79 novel drugs in the clinical trial phase with Horizant (Gabapentin Enacarbil extended release) being one of the most effective drug. The pharmaceutical companies are expected to continue their geographic expansion and release novel drugs across major countries in different regions. Furthermore, rising awareness about diabetic neuropathy, increased expenditure on healthcare, and increase in pharmaceutical R&D expenditure are expected to drive the global diabetic neuropathy market growth.
Asia Pacific is expected to be the fastest-growth region in the global diabetic neuropathy market
North America holds the dominant position and accounts for the largest market share in the global diabetic neuropathy market with around 35 million suffering from diabetes in the U.S and Canada. The pharmaceutical companies are introducing novel drugs in the region, in order to offset the generic drug erosion. In the recent past, diabetic neuropathy treatment has received immense traction especially in the U.S., owing to large patient pool, high occurrence of diabetes, and increasing geriatric population. However, the stringent government policies for drug approval in U.S. and Canada is expected to hinder the diabetic neuropathy market growth in the region. Furthermore, significant rate of drug failure during clinical trials and extensive time for drug approval are some other factors restraining the market growth.
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Asia Pacific region is the fastest growing region with countries such as India and China exhibiting lucrative growth. India accounts for the highest rates of type 2 diabetes in the world. According to an independent research, by 2030, around 80 million people will be suffering from type 2 diabetes in India. Moreover, according to the same source, prevalence of diabetic neuropathy was 29% in the entire patient population. According to the World Health Organization (WHO), China has surpassed India and has a diabetes patient population of 110 million, which is estimated to reach 150 million by 2040. Major pharmaceutical companies are now venturing into Asia pacific region and the market is expected to witness significant growth in the region, owing to tremors patient pool, less stringent government policies, increasing R&D investment, growth in clinical trials conducted, and government funding for the disease treatment.
Introduction of new entrants will change the existing market dynamics as they continue to compete with existing key players
Key players in the market tend to acquire new entrants in the market processing unique drugs due to high cost associated with the development of novel drugs and long regulatory approval time.
The market is consolidated in nature with major pharmaceutical companies accounting for major market share. The current breed of drugs are undergoing patent expiration, which will pose new market opportunities for generic drugs to enter the market. Moreover, key players are expected to introduce innovative products into the market to stay maintain the competitive edge.
The key players in the global diabetic neuropathy market are Eli Lilly and Company, GlaxoSmithKline, Pfizer, and Johnson & Johnson and Janssen Pharmaceuticals.
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- Major players in the market are focused on various business strategies such collaboration and agreement, in order to gain the competitive edge in the market. For instance, in November 2018, NeuroMetrix, Inc., a health technology company, entered into a distribution agreement with Fukuda Denshi Co. Ltd. for DPNCheck. It is NeuroMetrix’s point-of-care test for diabetic peripheral neuropathy and the agreement will provide Fukuda exclusive distribution rights in Japan through March 2021.
- Key players in the market are involved in various growth strategies such as gaining product approvals from regulatory authorities, in order to expand product portfolio and enhance the market presence. For instance, in October 2017, Pfizer, Inc. received the U.S. Food and Drugs Administration (FDA) approval for LYRICA CR extended release tables, which would be used once-a daily. These tablets are indicated for neuropathic pain related to diabetic peripheral neuropathy.
- Key players in the market are involved in various growth strategies such as product launches, in order to expand product portfolio and gain competitive edge in the global market. For instance, in April 2019, Daiichi-Sankyo, Limited, a Japanese pharmaceutical company, launched ‘Tarlige’ tablets 2.5 mg, 5 mg, and 10 mg. These tables are indicated for patients with diabetic peripheral neuropathy.
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